"Clearly the market has gravitated from large-cap value to mid- and small-cap growth and I think that's going to continue," the senior vice president at Advisors Asset Management said in an interview with CNBC's "Power Lunch."

CNBC contributor Michael Farr, president of Farr, Miller & Washington, noted that the market has been making new all-time highs for a several years.

Now, there are a number of concerns, including 2 to 2.5 percent gross domestic product growth over the last five years that has been "years sustained and buoyed by all sorts of monetary policy stimulus."

"What happens when that stimulus goes away? The Fed is getting ready to back off. I think that this is a time when you have to be cautious," Farr told "Power Lunch."

That said, he would stay invested.

"You own but you take risk off the table. You make sure you've got solid balance sheets in your portfolio—companies that are earning money, selling stuff that you understand, and growing," Farr said.